Indian automobile manufacturer Mahindra & Mahindra has planned to set up a global start-up blockchain incubation center outside of the country, in order to attract blockchain start-ups that can help the group in using the tech in as many ways as possible, the Hindu Business Line reported.
Last November, Mahindra collaborated with IBM and announced the development of a blockchain solution that has the potential to reinvent supply chain finance across India by enhancing security, transparency and operational processes.
Mahindra company also stated that it will look into offering blockchain services to other companies after the technologies mature.
“We are looking at an incubation center for Blockchain, which will be a global center. We are one of the leaders in the tech today and we want to continue to establish ourselves as the leader. We are looking at developing a business. We’ve got about 7-10 business cases for Blockchain within the group,” Anish Shah, Group President of Strategy for the Mahindra Group, told BusinessLine. “We started with supply chain and invoice discounting for the supply chain. There are a number of use cases for Mahindra Finance and use cases for auto business and then we can take it forward for other businesses.”
The company’s group Tech Mahindra is also exploring blockchain technology and the incubation center will work independent of Tech Mahindra, Shah added. He stated that the blockchain technologies that come out of the center will be used across the company.
“Tech Mahindra will have multiple start-up incubation centers but the Mahindra group will also set-up separate start-up incubation centers with different partners,” Shah said.
